Administrative Penalties $120,000 - TMF (B.V.I.) LTD. (2023-09-18)

Summary

This is a published enforcement action notice from the BVI Financial Services Commission announcing an administrative penalty against TMF (B.V.I.) LTD. It is informational only, recording a completed enforcement outcome rather than creating new ongoing rules or requirements for the wider industry.

• Penalty: An administrative penalty of $120,000.00 was imposed on TMF (B.V.I.) LTD.
• Basis: The penalty was for contraventions of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008 (AMLTF Code of Practice).
• Section 20: Failure to meet the requirement to engage in Enhanced Customer Due Diligence.
• Section 21: Failure to review and keep up to date Customer Due Diligence (CDD).
• Section 31(B): Failure to test Third Party Relationships.
• Reference: Matter ID ENF082523/033.

The notice serves as a public record of the enforcement outcome and does not itself impose new compliance obligations on other regulated entities, though it signals the Commission's ongoing supervisory focus on AML/CFT due diligence and third party relationship testing.

Applies to

Trust and Corporate Services Providers, DNFBPs subject to the AMLTF Code of Practice